TruNorth Capital Management LLC Boosts Position in Rivian Automotive, Inc. $RIVN

TruNorth Capital Management LLC raised its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 25.2% in the second quarter, Holdings Channel reports. The institutional investor owned 4,975 shares of the electric vehicle automaker’s stock after buying an additional 1,000 shares during the quarter. TruNorth Capital Management LLC’s holdings in Rivian Automotive were worth $68,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new position in Rivian Automotive during the 1st quarter valued at about $1,382,000. Caisse Des Depots ET Consignations bought a new stake in shares of Rivian Automotive during the 1st quarter valued at about $2,807,000. Ethos Financial Group LLC bought a new stake in shares of Rivian Automotive during the 1st quarter valued at about $311,000. Intech Investment Management LLC boosted its position in shares of Rivian Automotive by 522.0% during the 1st quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock valued at $4,370,000 after acquiring an additional 294,539 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its position in shares of Rivian Automotive by 24.3% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 293,800 shares of the electric vehicle automaker’s stock valued at $4,037,000 after acquiring an additional 57,500 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $14.61 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The stock has a 50 day moving average price of $13.50 and a two-hundred day moving average price of $13.34. The company has a market capitalization of $17.73 billion, a P/E ratio of -4.52 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the firm posted ($1.46) EPS. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. Analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RIVN shares. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Canaccord Genuity Group decreased their price objective on Rivian Automotive from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Morgan Stanley decreased their price objective on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. UBS Group decreased their price objective on Rivian Automotive from $13.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Finally, Guggenheim cut Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Five investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $13.85.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares of the company’s stock, valued at $9,694,384.60. The trade was a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,147 shares of company stock valued at $577,593 in the last quarter. Corporate insiders own 2.16% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.